Pallipuram Service Co Operative Bank IFSC Code and MICR Code

Find Pallipuram Service Co Operative Bank IFSC Code, MICR Code and branch details for NEFT, RTGS & IMPS transactions.

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Pallipuram Service Co Operative Bank IFSC Code, MICR Code and SWIFT Code

Pallipuram Service Co-Operative Bank was founded in 1924 and later registered under the Co-operative Societies Act 1961. It offers various financial services to the customers. You can use the Pallipuram Service Co-Operative Bank IFSC Code to send money online to an account in the bank. 

The bank has a head office in Cherai and four branches in Kerala. It is an active contributor to society and aims to build the local community. The Pallipuram Service Co-Operative Bank has an evening branch (Devaswam Nada evening branch) in Cherai, Ernakulam district. 

The Indian banking system uses distinct codes like IFSC and MICR to identify the various bank branches in the country. The banking codes are allotted by the RBI and used to complete online transactions. The IFSC code streamlines the NEFT, RTGS, and IMPS payments between two bank accounts. 

Read on to know more about the IFSC and MICR codes and their uses. Let’s also learn the ways to find the codes online and offline. Lastly, we’ll read about online funds transfer methods like NEFT, RTGS, and IMPS. 

Pallipuram Service Co-Operative Bank IFSC Code

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The Indian Financial System Code or IFSC is a unique 11-character number allotted by the Reserve Bank of India (RBI) to each bank branch in India. The branches are identified based on the IFSC code during an online transaction. 

The IFSC code is divided into three parts. The initial four characters are the bank code. There is always a zero in the fifth character (0). The remaining six characters can be alphabets, numbers, or both and denote the branch code.  

For example, the Pallipuram Service Co-Operative Bank Head Office branch IFSC Code is ICIC0000104. It is located at Cherai, Ernakulam, Kerala- 683514. Here, 

  • ICIC is the bank code for ICICI bank that facilitates the online transactions for Pallipuram Service Co-Operative Bank.
  • The fifth character is 0.
  • 000104 is the branch code for the head office in Cherai.

But why do we need an IFSC code? The IFSC code is used to initiate online fund transfers from one bank account to another anywhere in the country. The banking system relies on the IFSC code to remove discrepancies during electronic transfers and deposits the money into the correct account. 

In the event that you enter the IFSC code incorrectly, what happens? The transaction can still be successful if the receiver’s account number is correct and belongs to the same branch as yours. That said, the transaction may also fail. Your account gets credited back with the amount in a few business days. 

However, there’s a risk of sending money to another person if you enter the wrong account number and IFSC code. In this case, contact your bank branch immediately and ask them to reverse the transaction. You cannot reverse RTGS transactions. It is vital to enter the correct IFSC code of the branch and receiver’s account number to ensure that the payment goes to the correct account. 

Pallipuram Service Co-Operative Bank MICR Code

Magnetic Ink Character Recognition or MICR is a 9-digit code provided by RBI to verify the authenticity of cheques during electronic clearing. The MICR code is printed at the bottom of the cheque using MICR technology. It is divided into three parts-

  • The first digits are the City Code
  • The next three digits are the Bank Code 
  • The last three digits are the Branch Code 

Cheque deposits are processed either manually or electronically. ECS (Electronic Clearing System) processes cheques faster and securely by using the MICR code to authenticate the genuineness of the instrument. It is not used by customers or account holders to complete transactions. 

That said, unlike the IFSC code, the MICR code is not allotted to every bank branch. Some branches are non-MICR and process cheques manually. The Pallipuram Service Co-Operative Bank is a non-MICR bank. It uses the manual cheque clearing process. 

How to Find the IFSC Code & MICR Code of the Pallipuram Service Co-Operative Bank?

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Now that you know the importance of IFSC and MICR codes let’s look at the ways to find the codes for online fund transfers. Fortunately, you can find the Pallipuram Service Co-Operative Bank IFSC Code in different ways. 

The sender and the receiver (beneficiary) can use the online search tools. The offline methods like checking the passbook and chequebook can be used only by the beneficiary. A wise thing to do is to make a note of the IFSC code of your bank branch to speed up incoming payments through NEFT, RTGS, and IMPS.  

IFSC Online Search

An easy way to find the IFSC code online is through the Find Your Bank website. It is a safe, reliable, and free website used to search for the IFSC, MICR, and SWIFT codes of bank branches in the country. Follow the below steps to get the IFSC code of Pallipuram Service Co-Operative Bank. 

Open the URL in your web browser: https://findyourbank.in/. Use the form on the home page to select the details and access the available information about any bank branch. The form has drop-down fields to save time. The webpage reloads automatically after each selection to prevent confusion. 

  • Select the Bank Name Pallipuram Service Co-Operative Bank in the first field. 
  • Next, select the State of Kerala in the second field. 
  • Then, choose Ernakulam in the district field. 
  • Finally, select Head Office as the Branch Name to get the IFSC Code. 

The webpage will load to provide the branch name, address, contact information, IFSC code, MICR code (if applicable), and SWIFT code (if applicable). Copy the codes and use them for your online fund transfers. The SWIFT code is used for international wire transfers. 

Find Your Bank is also available as a free Mobile App for Android smartphones. You can download it from Play Store and use it on the go. 

Bank Passbook 

Account holders will be provided a passbook to record the transactions in their accounts. The first page of the passbook has information about the account holder and the bank branch. The name, address, contact details, IFSC, and MICR codes of the branch are printed on it. 

The name, account number, account type, and customer ID of the account holder also are provided on the same page. 

Bank Chequebook 

Account holders need to apply for a chequebook at the branch. The first page of the chequebook has the account number of the customer, the IFSC code, and the MICR code (if applicable). Every cheque also has the codes printed on it. The IFSC code is found at the top of the cheque, and the MICR code is at the bottom, beside the cheque number. 

Digital Banking Platforms 

Digital banking platforms like the bank’s official website, RBI’s website, and mobile banking apps also share information regarding the IFSC and MICR codes. 

Bank’s Customer Care 

You can call the bank’s customer care to ask for the IFSC of its branches. Non-account-holders can also ask for this information to initiate an online transaction. There’s no need to share confidential details like the PINs and passwords to get the IFSC code. 

How to Transfer Money through NEFT, RTGS & IMPS?

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Transferring money online is simple, convenient, and easy. You can use various methods like NEFT, RTGS, and IMPS for domestic money transfers by visiting the Pallipuram Service Co-Operative Bank or through your net/ mobile banking accounts. Let’s read more about online money transfer methods. 

National Electronic Funds Transfer (NEFT)

NEFT is a popular fund transfer method used by many people. The transactions are processed on the Deferred Net Settlement (DNS) system and cleared in batches every two hours. You can send an NEFT payment anytime. It works 24*7*365. 

NEFT transactions don’t have a minimum or maximum limit. You can send any amount and do multiple transactions. The banks charge for each transaction depending on the amount sent. The service charges range between Rs. 2.50 and Rs. 25 plus tax. 

You need the following details to initiate an NEFT payment: 

  • Beneficiary Name 
  • Beneficiary Account Number 
  • Beneficiary Bank Name 
  • Beneficiary Bank Branch’s IFSC Code 
  • The Amount to be Transferred 
  • Your Account to Debit the Amount 

Real Time Gross Settlement (RTGS)

RTGS is a real-time fund transfer method managed by RBI to facilitate high amount transfers between two accounts within the country. It is used for instant and emergency transfer of large amounts. There is a minimum limit of Rs. 2 lakhs and no maximum limit. However, RTGS payments are not reversible once processed. 

RTGS payments are costlier than NEFT, with charges between Rs. 25 and Rs. 49 plus tax. RTGS and NEFT payments require the same documentation. RTGS transfers are secure and hassle-free. You can send them from the bank or via your net and mobile banking accounts. 

Immediate Payment Service (IMPS)

IMPS is an immediate fund transfer method that was first initiated by the National Payments Corporation of India (NPCI) in 2010. It uses the MMID (Mobile Money Identifier) allotted by the bank to registered account holders. The transaction takes place between two registered mobile numbers or bank accounts. 

Similar to NEFT, IMPS payments can also be sent anytime (24*7), irrespective of holidays. You can send IMPS payments from the branch, net/ mobile banking, SMS, ATM, and AADHAR. 

The minimum limit is Re.1. The maximum limit is Rs. 2 lakhs. The service charges for IMPS payments depend on the bank, though they cannot charge more than Rs. 25 plus tax (for Rs. 2 lakh transactions). 

The following information is required for an IMPS payment: 

  • Your Mobile Number 
  • Beneficiary’s MMID 
  • Your MMID 
  • Beneficiary’s Name (optional)
  • Beneficiary Account Number 
  • Beneficiary Bank Name 
  • Beneficiary Bank Branch’s ISFC Code (optional if you use MMID) 
  • Beneficiary’s AADHAR

About the Pallipuram Service Co-Operative Bank

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Pallipuram Service Co-Operative Bank was founded in 1924. Decades later, it was registered as a cooperative bank under the Co-operative Societies Act 1969. The bank has its head office in Cherai, Ernakulam district. 

It has four other branches, with one of them being a special evening bank (Devaswam Nada evening branch). The evening branch operates from 2 PM in the noon to 7 PM in the evening from Monday to Friday. On Saturdays, it is open from 2 PM to 5 PM and on Sunday, from 9 AM to 12 PM. 

The Pallipuram Service Co-Operative Bank received the Indian Achievers Award For Banking Excellence in 2012. It also won the Model Society Award from the Kerala State Government. 

Customers of the bank can take advantage of a number of financial services. It provides loans to the agricultural community (including aquaponic and cage fish farming), small cooperative societies, and individuals. The specialty of the bank is that it offers paid emergency ambulance service for those in need of immediate medical attention.  

Frequently Asked Questions

What is the Pallipuram Service Co-Operative Bank Phone Number?

The phone numbers of Pallipuram Service Co-Operative Bank are 0484-2417460 and 0484-2480454. You can also contact the bank via email at [email protected] 

What are the Timings of Pallipuram Service Co-Operative Bank?

The Pallipuram Service Co-Operative Bank is open from Monday to Friday between 10 AM and 4 PM. It is closed during the lunch hour, 1 PM to 2 PM. The bank is open from 10 AM to 1 PM on Saturday and is closed every Sunday.

Does Pallipuram Service Co-Operative Bank Offer Non-Financial Services? 

Yes. Pallipuram Service Co-Operative Bank operates six consumer stores and one supermarket in the region. It also has mobile customer service and an ambulance service. The bank also runs a library and a reading room. 

Does Pallipuram Service Co-Operative Bank Offer Net Banking and Mobile Banking Services? 

No. Pallipuram Service Co-Operative Bank doesn’t offer net banking or mobile banking services.